ING Groep NV Boosts Stake in Eaton Corporation, PLC (NYSE:ETN)

Key Points

• ING Groep NV increased its stake in Eaton Corporation, PLC by 9.3%, bringing its total ownership to 83,663 shares worth $22.7 million.
• Wall Street analysts have generally assigned a positive rating to Eaton, with a consensus average target price of $377.89 and several firms boosting their price objectives up to $420.00.
• Eaton recently declared a quarterly dividend of $1.04, reflecting an annualized dividend yield of 1.1% and a payout ratio of 41.98%.

ING Groep NV lifted its holdings in Eaton Corporation, PLC (NYSE:ETN - Free Report) by 9.3% during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 83,663 shares of the industrial products company's stock after buying an additional 7,088 shares during the period. ING Groep NV's holdings in Eaton were worth $22,742,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of ETN. Capital A Wealth Management LLC bought a new stake in Eaton during the fourth quarter worth $26,000. IMA Advisory Services Inc. bought a new stake in shares of Eaton during the 1st quarter worth $25,000. Vermillion Wealth Management Inc. purchased a new position in shares of Eaton in the 4th quarter worth about $33,000. Creative Financial Designs Inc. ADV grew its position in Eaton by 102.0% during the first quarter. Creative Financial Designs Inc. ADV now owns 101 shares of the industrial products company's stock valued at $27,000 after buying an additional 51 shares during the period. Finally, Abound Wealth Management increased its holdings in Eaton by 73.8% during the first quarter. Abound Wealth Management now owns 146 shares of the industrial products company's stock worth $40,000 after buying an additional 62 shares during the last quarter. Hedge funds and other institutional investors own 82.97% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on ETN. Wells Fargo & Company boosted their target price on shares of Eaton from $310.00 to $360.00 and gave the company an "equal weight" rating in a research note on Tuesday, July 1st. Barclays upped their price objective on Eaton from $323.00 to $340.00 and gave the company an "equal weight" rating in a research note on Wednesday, July 9th. JPMorgan Chase & Co. increased their price objective on Eaton from $300.00 to $360.00 and gave the company an "overweight" rating in a report on Friday, May 16th. Citigroup boosted their target price on Eaton from $351.00 to $420.00 and gave the company a "buy" rating in a research note on Monday, July 14th. Finally, Royal Bank Of Canada upped their price target on Eaton from $336.00 to $356.00 and gave the company an "outperform" rating in a research report on Monday, May 5th. Seven equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat, Eaton currently has an average rating of "Moderate Buy" and an average target price of $377.89.

Eaton Price Performance

Eaton stock opened at $381.52 on Monday. The stock has a market cap of $149.29 billion, a price-to-earnings ratio of 38.50, a PEG ratio of 2.88 and a beta of 1.18. The company has a quick ratio of 0.84, a current ratio of 1.31 and a debt-to-equity ratio of 0.41. The business has a 50-day simple moving average of $350.92 and a 200 day simple moving average of $317.42. Eaton Corporation, PLC has a 52 week low of $231.85 and a 52 week high of $399.56.

Eaton (NYSE:ETN - Get Free Report) last issued its quarterly earnings data on Friday, May 2nd. The industrial products company reported $2.72 EPS for the quarter, topping the consensus estimate of $2.70 by $0.02. Eaton had a return on equity of 23.41% and a net margin of 15.55%. The company had revenue of $6.38 billion during the quarter, compared to analyst estimates of $6.26 billion. During the same quarter in the previous year, the firm earned $2.40 earnings per share. Eaton's revenue was up 7.3% on a year-over-year basis. On average, research analysts forecast that Eaton Corporation, PLC will post 12.02 earnings per share for the current fiscal year.

Eaton Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, August 22nd. Investors of record on Thursday, August 7th will be given a $1.04 dividend. The ex-dividend date is Thursday, August 7th. This represents a $4.16 annualized dividend and a yield of 1.1%. Eaton's payout ratio is 41.98%.

Insider Buying and Selling at Eaton

In other Eaton news, insider Craig Arnold sold 103,486 shares of the firm's stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $322.75, for a total transaction of $33,400,106.50. Following the sale, the insider owned 490,208 shares in the company, valued at $158,214,632. This trade represents a 17.43% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Michael Yelton sold 2,120 shares of the company's stock in a transaction dated Tuesday, May 6th. The stock was sold at an average price of $296.87, for a total value of $629,364.40. Following the completion of the transaction, the insider owned 3,382 shares of the company's stock, valued at $1,004,014.34. The trade was a 38.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 156,660 shares of company stock valued at $49,622,894 over the last quarter. 0.30% of the stock is owned by company insiders.

Eaton Profile

Eaton Corporation plc operates as a power management company worldwide. The company's Electrical Americas and Electrical Global segment provides electrical components, industrial components, power distribution and assemblies, residential products, single and three phase power quality and connectivity products, wiring devices, circuit protection products, utility power distribution products, power reliability equipment, and services, as well as hazardous duty electrical equipment, emergency lighting, fire detection, explosion-proof instrumentation, and structural support systems.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.